Data regarding Periodic Review (JPX-Nikkei Index 400)
Market division balance

3-year ROE simple average
JPX-Nikkei 400

1st Sec. 2nd Sec. Mothers JASDAQ

constituents

Fulfilling situation for qualitative factors
1st Section
Issuesnon-Independent

constituents

outside directors

Female board
members/executi

Disclosure of
IFRS

ve officers

English earnings

Disclosure ofEnglish Corporate
Governanceinformation

ReportFY 2013386

1211FY 2013

11.1%

6.0%

3.7%

FY 2013

39.0%

ー

3.8%

19.8%

ー

FY 2014388

1110FY 2014

11.2%

6.8%

4.7%

FY 2014

46.8%

ー8.0%

27.8%

ー

FY 2015392

116FY 2015

11.7%

7.6%

5.3%

FY 201572.3%

ー13.0%

34.5%

ー

FY 2016395

113FY 2016

12.5%

8.2%

5.7%

FY 2016

89.3%

ー

16.3%

45.0%

ー

FY 2017395

113FY 2017

12.5%

8.3%

5.8%

FY 201757.0%

ー21.0%

46.5%

ー

FY 2018

396

112

FY 2018

12.8%

8.8%

6.2%

FY 201866.0%

ー26.5%

49.3%

ー

FY 2019394015FY 2019

13.5%

9.0%

6.1%

FY 201976.0%

ー28.8%

53.0%

40.3%

FY 2020

395

104

FY 2020

12.7%

8.5%

5.4%

FY 2020

86.0%

ー

30.8%

55.0%

46.3%

FY 2021

394

105

FY 2021

12.3%

6.9%

3.8%

FY 2021

92.0%

ー

29.3%

58.8%

46.8%

PrimeStandard

JPX-Nikkei 400

GrowthconstituentsPrime MarketIssues

non-Independent

constituents

outside directors

Female board
members/executi

Disclosure ofIFRS

ve officers

English earnings

Disclosure ofEnglish Corporate

information

Governance
ReportFY 2022388

120FY 2022

13.0%

7.9%

3.8%

FY 2022

17.0%

93.5%

31.5%

60.8%51.5%

FY 2023389

110FY 2023

13.5%

8.1%

4.0%

FY 2023

20.5%

97.3%

33.0%

64.0%

49.3%

FY 2024

389

110FY 2024

13.8%

9.8%

5.6%

FY 2024

25.8%

12.0%

31.8%

68.3%

56.0%

About Market division balance* Market division balance and 3-year ROE simple average is as of the announce date of periodic review. (As of the initial review for FY2013)
About 3-year ROE simple average* 3-year ROE simple average of "non-constituents" is that of all the eligible constituents for JPX-Nikkei 400 excluding the JPX-Nikkei 400 constituents.
* In calculation of the 3-year ROE simple average of "non-constituents", "Prime Market Issues" and "1st section Issues", issues a) with liabilities in excess of assets during anyof 3 periods, b) their 3-year average ROE is more than 200% or less than -200%, or c) those financial data are not available for calculation are excluded.
About Fulfilling situation for qualitative factors* "Fulfilling situation for qualitative factors" shows the ratio of issues among JPX-Nikkei 400 constituents which fulfill each item as of

the base date of periodic review[Independent outside directors]: Out of the total number of directors, a majority are independent directors.
Please note that this criteria was "At least 2 independent outside directors are appointed" until 2016 periodic reviews, and "At least one-third or a minimum of three directors are appointed
as independent outside directors. If one-third of the total number of directors is less than two, at least two independent outside directors are appointed." from 2017 to 2021 periodic reviews.
[IFRS]: Creates the most recent earnings report according to international financial reporting standards (IFRS), or discloses applying IFRS[Disclosure of English earnings information and/or Corporate Governance Report]: English documents regarding the most recent earnings information
and/or Corporate Governance Report are disclosed via TDnet (Company Announcements Distribution Service in English) on the base date[Female board members/executive officers]: Out of board members and executive officers, females make up 30% or more as disclosed in "members of the board and executive officers" in the Annual Securities Report.
Please note that this criterion was "At least one female is appointed" until 2023 periodic reviews.

Copyright © 2024- by JPX Market Innovation & Research, Inc., and Nikkei Inc. All rights reserved

Data regarding Periodic Review (JPX-Nikkei Index 400)
Number of replaced issues at periodic review
Number of replacedissues

Turnover

FY 2013

Initial Selection

Initial Selection

FY 201431

6.2%

FY 2015

Inclusion:43, Removal:42

5.9%

FY 2016

Inclusion:34, Removal:33

4.5%

FY 2017

Inclusion:31, Removal:28

5.0%

FY 2018

Inclusion:26, Removal:25

6.1%

FY 2019

Inclusion:31, Removal:28

3.3%

FY 2020

Inclusion:32, Removal:27

3.3%

FY 2021

Inclusion:41, Removal:40

7.7%

FY 2022

Inclusion:36, Removal:34

5.0%

FY 2023

Inclusion:38, Removal:36

4.2%

FY 2024

Inclusion:44, Removal:41

8.9%

About Number of replaced issues at periodic review* Turnover in periodic review is calculated based on market capitalization for index calculation as of the last day of July in each year.
Turnover is calculated as the sum of increments (decrements) in market capitalization weight for each constituent before and after the periodic review[ Turnover ratio = Sum of weight increments = Sum of weight decrements ]（Reference) Number of replaced isses at periodic review for historical calculation
Number of replaced
issuesTurnoverFY 2007

476.1%FY 2008385.6%FY 20096310.6%

FY 2010577.4%FY 2011567.9%FY 2012556.6%FY 2013548.0%* Scoring based on qualitative factors and a preferential rule for constituents of the prior year is not reflected in the above historical.
* Turnover of the above historical calculation is based on market capitalization for index calculation as of the last day of August in each year.
This document is prepared by JPX Market Innovation & Research, Inc. (JPXI) and Nikkei Inc. (Nikkei) solely for the understanding of JPX-Nikkei 400, and is not to be construed as a solicitation for trading any securities or related financial instruments. JPXI
and Nikkei shall accept no liability or responsibility for any loss or damage arising from errors, delays, or termination of the calculation or publication of JPX-Nikkei 400, changes to its calculation or publication method, the use of JPX-Nikkei 400 or all or any
part of this document or other similar events.

Copyright © 2024- by JPX Market Innovation & Research, Inc., and Nikkei Inc. All rights reserved